AGC Posts 2% Decrease in First Quarter Sales

Asahi Glass Co. Ltd. (AGC) recently posted net sales of ¥308.6 billion (~ $3,787 billion) for its first fiscal quarter in 2011, a ¥6.5 billion (~ $79,9 million), or 2.1%, decrease from the corresponding period of the previous year.

Operating income increased by ¥0.2 billion (~ $2,4 million), or 0.4% year-on-year, to ¥54.1 billion (~ $665 million), and ordinary income increased by ¥1.9 billion (~ $23,3 million), or 3.4%, to ¥58 billion (~ $713 million). Net income was ¥38.4 billion (~ $472 million), a ¥1.3 billion (~ $15,9 million), or 3.3%, decrease on a year-on-year basis.

Demand for architectural glass continued to stay on a gradual recovery trend in Japan, Asia and Europe, while demand in North America remained sluggish. Shipments of architectural glass decreased in all regions compared to the previous quarter due to seasonal factors. In Japan, shipments fell in March as the production facility for architectural glass was partially damaged by the earthquake in eastern Japan.

In the automotive glass business, demand was heading for recovery in Europe, Asia, and North America. However, shipments in Japan declined due to the termination of government subsidies for eco-friendly car purchases and impacts of the earthquake disaster.

Shipments of glass for solar power systems remained at the same level as the previous quarter, partly because of changes in subsidy programs in some countries. As a result, first quarter net sales and operating income for the Glass Operations unit were ¥137.1 billion (~ $1,686 million) and ¥6.4 billion (~ $78,708 million), respectively.

600450 AGC Posts 2% Decrease in First Quarter Sales

See more news about:

Others also read

Proprietary laminate windows collect, store energy; convert it to electricityRIVIERA BEACH, FL – An innovative new patented technology transforms office building windows into "solar farms" and allows these structures to reuse collected energy and become self-sufficient in the event of a power outage.
DALLAS, Texas, December 22, 2011 /PRNewswire/ --ReportsnReports adds new market research report 'Solar Photovoltaic (PV) Power - Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020' to its store.
The University of Minnesota's historic Folwell Hall completed three years of extensive renovation, just time for the 2011 academic year.
The renewal process for AAMA Corporate Members is now open. AAMA Corporate Membership is available to businesses involved in the manufacture, sale or service of fenestration products and is renewed on an annual basis.
Today designers and architects are looking to the hotel bathroom as the new frontier of the guestroom, turning what has long been a mostly functional space into a haven and means of escape.
Glassman as one of the largest glass processing machine manufactures in the world presented ZAK Glass Technology Exhibition during 8-11 December 2011, in Mumbai, India.

Add new comment